Cold-calling on pensions is banned since January 2019. Cold-calling on other regulated products (mortgages, protection, investments) is legal but heavily restricted by PECR and FCA rules. Most successful firms have moved to inbound paid acquisition.
The ban Pensions cold-calling has been illegal in the UK since 9 January 2019 (Financial Guidance and Claims Act 2018). Fines up to £500,000.
Other products - Mortgages, protection, investments: legal but regulated under PECR. - Must check TPS (Telephone Preference Service) before calling consumers. - Must have a clear basis (consent or soft opt-in). - Consumer Duty applies to any regulated-advice interaction.
Why most firms moved away - Low conversion rates (sub-1% connect-to-meeting typical). - Compliance risk of scripts and recordings. - Regulator scrutiny post-British Steel. - Inbound paid leads convert 10 to 30x higher.
Legal alternatives - Inbound paid (Google, Meta, LinkedIn). - Content and SEO. - Referral programmes. - Webinars and events.